Fairwood, MD is a small town in Montgomery County with a relatively affordable cost of living. The average two bedroom rent for Fairwood is $2,410 which is much lower than the national average of $1,430. Additionally, the local Grocery Cost Index for Fairwood is 111 compared to 100 in the US as whole. People who live in Fairwood benefit from a variety of local businesses such as A&A Auto Repair and Body Work, Meals on Wheels Montgomery County, and Glorious Hair Studio. With its low cost of living and variety of businesses, Fairwood makes an attractive option for many looking for affordability and a community feel.
Fairwood has an unemployment rate of 7.8%. The US average is 6.0%.
Fairwood has seen the job market decrease by -0.6% over the last year. Future job growth over the next ten years is predicted to be 34.4%, which is higher than the US average of 33.5%.
Tax Rates for Fairwood
- The Sales Tax Rate for Fairwood is 6.0%. The US average is 7.3%.
- The Income Tax Rate for Fairwood is 8.0%. The US average is 4.6%.
- Tax Rates can have a big impact when Comparing Cost of Living.
Income and Salaries for Fairwood
- The average income of a Fairwood resident is $59,878 a year. The US average is $28,555 a year.
- The Median household income of a Fairwood resident is $177,315 a year. The US average is $69,021 a year.